Halal Food Market to Reach $7,450.9 Billion, Globally, by 2032 at 12.41% CAGR: Allied Market Research
Growth of the global halal food market is driven by rise in Muslim population, increase demand for halal food products, and Increase in the purchasing power of consumers.
Portland, Jan. 11, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Halal Food Market by Product Type (Meat and Poultry, Dairy Products, Fish and Seafood, Cereals and Confectionery, and Others), Distribution Channel (Traditional Retailers, Supermarkets and Hypermarkets, Online, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global halal food industry generated $2,329 billion in 2022, and is anticipated to generate $7,450.9 billion by 2032, witnessing a CAGR of 12.41% from 2023 to 2032.
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Prime determinants of growth
Growth of the global halal food market is driven by rise in Muslim population, increase in demand for halal food products, and increase in purchasing power of consumers. However, the government regulations on halal food certification and restrictions for storage and transport facilities hamper the growth of the market. Moreover, rise in consumer demand for halal-certified products is expected to offer remunerative opportunities for the expansion of the halal food market during the forecast period.
Report coverage & details:
|Market Size in 2022
|Market Size in 2032
|No. of Pages in Report
|Product Type, Distribution Channel, and Region.
The meat and poultry segment to maintain its leadership status throughout the forecast period
By product type, the meat and poultry segment held the highest market share in 2022, accounting for more than two-fifths of the global halal food market revenue and is estimated to maintain its leadership status during the forecast period, as followers of Islam must eat halal, or permitted, food. Hence it is important to properly kill and prepare meat by Islamic law. The demand for halal goods is rising along with the number of Muslims globally. The dairy products segment is projected to attain the highest CAGR of 12.57% from 2023 to 2032, as consumers are placing greater value on transparency in the food supply chain. Thus, businesses are providing information about halal certification, ingredient sourcing, production techniques, and clear labeling, which will spur the market demand.
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The supermarkets and hypermarkets segment to maintain its leadership during the forecast period
By distribution channel, the supermarkets and hypermarkets segment accounted for the largest share in 2022, contributing to more than one-third of the global halal food market revenue and is projected to maintain its lead position during the forecast period, as supermarkets and hypermarkets act as a one-stop shop and provide all the things that an individual may need every day. The online segment is expected to attain the highest CAGR of 13.09% from 2023 to 2032, owing to increase in demand for online platforms in recent years.
Asia-Pacific to maintain its dominance by 2032
Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global halal food market revenue, owing to high Muslim population. The non-Muslim populace is becoming more and more aware of the benefits of Halal certification. Several nations have recently made investments in halal food manufacturing technology. Thus, the region’s halal production and consumption is anticipated to rise. However, LAMEA is expected to witness the fastest CAGR of 12.63% from 2023 to 2032, as the region has the largest percentage of countries with a majority of Muslims. Also, there are more people owing to migration and births, wealthier people, younger consumers who are more aware of the dietary requirements for Halal food, and more people who are interested in the hygienic, nutritious, and safe elements of Halal food production.
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Leading Market Players: –
- Saffron Road
- Kawan Food Manufacturing Sdn Bhd
- Al Islami Foods
- QL Foods Sdn Bhd
- Nestle S.A.
- American Foods Group, LLC
- BRF S.A.
- Unilever PLC
- Cargill, Incorporated
The report provides a detailed analysis of these key players in the global halal food market. These players have adopted different strategies such as product launches, acquisitions, technological developments, investment in R&D, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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